At a time when store margins are under intense competitive pressure, retail shrink can make or break a retailer’s bottom line. But today’s retail shrink numbers are vulnerable to blind spots and imprecise metrics. In addition, most analysis and response to retail shrink are backward-looking: useful for staffing and long-term Read More
Tag: inventory theft
USS has recently unveiled the results of a recent study conducted by the Loss Prevention Retail Council (LPRC), to test the benefits of their Tactical Tagging loss prevention strategy using their Mini Patriot electronic article surveillance (EAS) products.
Tactical Tagging is an asset protection approach that aims to confuse and deter Read More
Retail is a business, and businesses are in business to make money and enhance profits. But profit enhancement is a multifaceted concept. We build our profit base not only through our ability to sell products, but also by learning the best ways to approach shrink reduction in retail stores.
Historically, the Read More
An audit is a tool – not a test. Loss prevention audits should serve to make a store or other facility more efficient and more profitable, working with the store teams and providing a means to train and develop the associates. It is vital that we approach our audit functions with Read More
In his bestselling book, The 7 Habits of Highly Effective People, Stephen Covey presented a holistic, principle-based approach for solving personal and professional problems. This got the ECR team thinking, what if for “highly effective people,” we read “low-inventory shrink retailers”? What then would be the habits of low- shrink Read More
Currently in its twenty-fifth year, the National Retail Security Survey continues to offer not only insightful research into retail crime but also successful countermeasures. Key findings from the most recent survey show that the impact of shrinkage continues to be sizeable, with 48.1 percent of retailers reporting increases in inventory Read More
The 2017 National Retail Federation (NRF) PROTECT Conference is now in full swing at the Gaylord National Harbor in Washington, DC. Following introductory remarks from NRF leadership, this year’s 2 ½ day event kicked off with an opening keynote presentation with Christopher Voss, former lead national kidnapping negotiator with the Read More
Thefts from retailers and other inventory shrink grew to $48.9 billion in 2016 from $45.2 billion the year before, even as budget constraints left retail security budgets flat or declining, according to the annual National Retail Security Survey released by the National Retail Federation and the University of Florida. Shrink Read More
Loss prevention and retail industry professionals have a responsibility to stay informed about the latest retail theft statistics. This post provides a snapshot of what retailers currently face when it comes to loss and theft.
Inventory shrinkage refers to the difference between the merchandise a retailer shows in its records Read More
The evolution of the loss prevention profession has required a change in the way that we approach the retail environment. First, we have come to recognize that inventory shrink is a more complicated problem than mere theft of merchandise. Shrink is a complex issue that must consider a variety of issues. Shrink Read More